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Old 11-14-2014, 07:12 PM   #29
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Quote:
Originally Posted by wanderso View Post
I've never deducted it yet. Is it worth the audit risk and potential need for legal representation to defend your position? Seems several here say yes without concerns and that's great. Hmm... Nothing like living on the edge - that's what RVing is all about.
There's no gray area here. You can deduct the interest for a second or vacation home, and an RV qualifies as such. So there's really no risk. You MIGHT get an inquiry about it, but all you need to satisfy that is the interest statement from the bank and a copy of the title showing the bank has a lien on the RV.
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Old 11-15-2014, 11:53 AM   #30
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"wanderso".....If you pay a sizeable amount of interest on your RV and you're not claiming it, you're giving up (about) $200.00 per $1000.00 of interest on the loan.


I've received a letter twice, in about ten years, asking for clarification of the interest I claimed. I returned the letter with the info and case closed.
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Old 11-15-2014, 03:26 PM   #31
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There really isn't any appreciable audit risk by deducting your RV interest. Take it on the proper line and say the letter from the bank telling you the amount of the interest. I have never seen anything more than a letter asking for proof that the interest was paid. I've never seen anyone even get asked for information about the unit that was financed.

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Old 11-15-2014, 05:50 PM   #32
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The only thing you have to be aware of is that the IRS only allows one to deduct for a primary home, and a second home - so if you're deducting for your primary home and a cottage at the beach, then the RV, or the boat, is not deductible. You can only have one second home!
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